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Ambassador
6,393,154
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I keep mine forever, they say 7 years unless fraud is suspected, so I am prepared for either option.

Oct 17, 2015 12:16 PM
Rainmaker
2,538,633
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Frank. I keep 5 years, everything else gets shredded.

Oct 18, 2015 12:01 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I have always been told 7 years.

Oct 17, 2015 11:53 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

They have the information on irs.gov. I just checked it last week.

Oct 17, 2015 09:41 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

I take into account a number of factors including, but not limited to, the jurisdiction(s) that the tax records relate to, the type of tax(es) and/or tax forms, the laws and regulations relating to the tax records, when the tax forms were filed, when the tax forms and returns were assessed and/or reassessed, whether there are any audits, appeals, waivers, court cases that are ongoing, upcoming, etc, whether tax records may be required for future tax return support, whether permission has been obtained to destroy tax records, the nature of the income, expense, or capitalized item, etc.

Oct 17, 2015 09:20 PM
Rainer
274,059
Curtis Evans
Cabin Realty LLC/ USA, Licensed in Louisiana - Golden Meadow, LA

I am with Bob Crane, I keep them for at least 10 years.

Oct 17, 2015 09:04 PM
Rainmaker
2,759,812
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good Sunday morning Frank. From what I understand, you have to keep your record seven years.

Oct 17, 2015 06:11 PM
Ambassador
3,164,269
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

7 years for the IRS, they can audit back that long.

Oct 17, 2015 02:08 PM
Rainmaker
2,443,250
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Our State real estate laws require seven years.

Oct 17, 2015 01:34 PM
Rainer
231,224
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

Bob Crane  has the best answer...better safe than sorry. but i am a pack rat

Oct 17, 2015 01:03 PM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I've heard you need to keep them for 3 to 5 years.  I typically try to err on the side of caution.

Oct 17, 2015 11:42 AM
Ambassador
3,515,784
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I found out after an audit by the IRS that 7 years is the requirement, however, I don't throw any of them away just because of that audit.

Oct 17, 2015 11:25 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I keep mine 5 years. I believe that will do it unless fraud is proven and then they can go back a few years before that. I'm not worried about that though.

Oct 17, 2015 10:50 AM
Ambassador
2,178,553
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

7 years

Oct 17, 2015 09:32 AM